BOHAI SECURITIES·2025-11-27 11:09Investment Rating - The report maintains a "Positive" rating for the computer industry [3][30]. Core Insights - The AI large model sector is experiencing rapid iteration, with domestic companies making significant advancements in AI applications, particularly in consumer-facing (C-end) solutions. The recent launch of Alibaba's Qianwen app has achieved over 10 million downloads in its first week, marking it as the fastest-growing AI application in history [14][27]. - The report highlights the collaboration between domestic AI models and accelerated computing chips, which enhances the synergy between algorithms and hardware, laying a solid foundation for large-scale implementation across various industries [27][29]. - The AI computing power market remains robust, with major cloud computing firms maintaining high capital expenditure, supporting the sustained growth of the AI computing sector [29]. Industry News - The Ministry of Industry and Information Technology and five other departments are promoting the application of artificial intelligence across all sectors of consumer goods [14]. - Alibaba's Qianwen app aims to become a future AI life portal, integrating functionalities across various life scenarios such as office work, navigation, health, and shopping [14][27]. - Ant Group's Lingguang AI assistant achieved over 1 million downloads within four days of its launch, indicating strong market interest in AI-driven applications [14]. Company Announcements - Zhong An Ke announced the sale of its wholly-owned subsidiary, Guardforce Investment Holdings Pty Ltd, for AUD 16.8 million [16]. - Huashi Technology is investing RMB 22.5 million in Hangzhou Yuchuang Robot Technology Co., Ltd., increasing its stake to 15% [18]. Market Review - From November 20 to November 26, the CSI 300 index fell by 1.54%, while the Shenwan Computer Industry index decreased by 0.90%, with all sub-sectors experiencing declines [21][23]. - The current price-to-earnings ratio for the Shenwan Computer Industry is 54.76 times, with a valuation premium of 339.27% compared to the CSI 300 [23]. Weekly Strategy - The report emphasizes the ongoing competition in the global large model sector, which is expected to drive technological innovation and accelerate the commercialization of AI applications. The focus is on companies that demonstrate strong capabilities in AI technology implementation and scene adaptation [27][29].